Dexus Establishes New Joint Venture To Acquire Interest In 1 Bligh Street Sydney

March 22, 2021 – Dexus announced the establishment of the Mercatus Dexus Australia Partnership (“MDAP”) joint venture with Mercatus Co-operative Limited (“Mercatus”). MDAP has exchanged contracts to acquire a 33.33% interest in 1 Bligh Street, Sydney, for $375 million.

Mercatus will hold an indirect 90% share in MDAP, with Dexus holding the remaining 10%. MDAP is structured to enable additional office acquisitions in the future. Dexus is the investment manager of the JV and post-acquisition will continue to manage 1 Bligh Street.

The establishment of MDAP and acquisition of a further interest in 1 Bligh Street (increasing Dexus’s effective ownership interest to 36.66%) is consistent with Dexus’s strategic initiative of expanding and diversifying the funds management business while progressing the objective of being the wholesale partner of choice.

Dexus CEO, Darren Steinberg said: “This transaction demonstrates the ongoing strength of demand from international institutions for high quality Australian office asset exposure under Dexus platform management.”

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